Zinc futures tumble on physical demand, weak US factory data
Zinc futures slumped in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Factory output in the US fell last month, signaling a faltering recovery in the world’s biggest economy, darkening the demand outlook for industrial metals. US factory production fell by 0.4 per cent in April 2014 over the previous month. Zinc futures may trade on a cautious note today ahead of US housing starts and consumer sentiment data. At the MCX, Zinc futures for May 2014 contract closed at Rs. 122.45 per 1 kg, down by 1.92 per cent, after opening at Rs. 124.55, against the previous closing price of Rs. 124.85. It touched an intra-day high of Rs 122.35.
Zinc futures slumped in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Factory output in the US fell last month, signaling a faltering recovery in the world’s biggest economy, darkening the demand outlook for industrial metals. US factory production fell by 0.4 per cent in April 2014 over the previous month. Zinc futures may trade on a cautious note today ahead of US housing starts and consumer sentiment data. At the MCX, Zinc futures for May 2014 contract closed at Rs. 122.45 per 1 kg, down by 1.92 per cent, after opening at Rs. 124.55, against the previous closing price of Rs. 124.85. It touched an intra-day high of Rs 122.35.
